Crown Holdings Q2 2024 10-Q Filed

TL;DR

**CROWN HOLDINGS FILES Q2 10-Q: Financials for H1 2024 now public. Check for performance updates.**

AI Summary

Crown Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position for the second quarter and first half of 2024, including comparative data from 2023. Key financial figures and balance sheet items are presented, reflecting the company's ongoing operations in the metal packaging industry.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Crown Holdings, Inc., crucial for understanding the company's health and future prospects in the metal packaging sector.

Risk Assessment

Risk Level: medium — As a public company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024)
• 2024-01-01 to 2024-06-30 — First Half 2024 (Financial data for the first six months of 2024)
• 2023-04-01 to 2023-06-30 — Second Quarter 2023 (Comparative data for Q2 2023)
• 2023-01-01 to 2023-06-30 — First Half 2023 (Comparative data for H1 2023)

Key Players & Entities

• Crown Holdings, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240729 (date) — Date of filing
• PA (location) — State of incorporation
• TAMPA (location) — City of business and mailing address
• FL (location) — State of business and mailing address

FAQ

Key Financial Figures

• $5.00 — hange on which registered Common Stock $5.00 Par Value CCK New York Stock Exchange

Filing Documents

• cck-20240630.htm (10-Q) — 1391KB
• ex101-sixthamendmentcadben.htm (EX-10.1) — 2540KB
• ex22q22024.htm (EX-22) — 21KB
• cck-06302024xq2ex311.htm (EX-31.1) — 11KB
• cck-06302024xq2ex312.htm (EX-31.2) — 11KB
• cck-06302024xq2ex32.htm (EX-32) — 8KB
• 0001219601-24-000029.txt ( ) — 11578KB
• cck-20240630.xsd (EX-101.SCH) — 53KB
• cck-20240630_cal.xml (EX-101.CAL) — 80KB
• cck-20240630_def.xml (EX-101.DEF) — 282KB
• cck-20240630_lab.xml (EX-101.LAB) — 656KB
• cck-20240630_pre.xml (EX-101.PRE) — 484KB
• cck-20240630_htm.xml (XML) — 1559KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 2

Financial Statements

Item 1. Financial Statements 2 CONSOLIDATED STATEMENTS OF OPERATIONS 2 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 3 CONSOLIDATED BALANCE SHEETS (Condensed) 4 CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) 5 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8 A. Basis of Presentation 8 B. Recent Accounting and Reporting Pronouncements 9 C. Cash, Cash Equivalents, and Restricted Cash 10 D. Receivables 10 E. Inventories 10 F. Intangible Assets 11 G. Supplier Finance Program Obligations 11 H. Restructuring and Other 11 I. Asbestos-Related Liabilities 12 J. Commitments and Contingent Liabilities 14 K. Derivative and Other Financial Instruments 15 L. Debt 20 M. Pension and Other Postretirement Benefits 21 N. Capital Stock 22 O. Accumulated Other Comprehensive Loss Attributable to Crown Holdings 22 P. Revenue 22 Q. Earnings Per Share 23 R. Segment Information 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION 35 Crown Holdings, Inc.

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSOLIDATED STATEMENTS OF OPERATIONS (In millions except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net sales $ 3,040 $ 3,109 $ 5,824 $ 6,083 Cost of products sold, excluding depreciation and amortization 2,379 2,463 4,626 4,874 Depreciation and amortization 115 125 230 248 Selling and administrative expense 150 148 304 308 Restructuring and other, net 17 6 40 17 Income from operations 379 367 624 636 Other pension and postretirement 13 16 24 27 Interest expense 112 110 225 212 Interest income ( 16 ) ( 12 ) ( 36 ) ( 21 ) Foreign exchange 5 14 12 18 Income before taxes and equity in net earnings of affiliates 265 239 399 400 Provision for income taxes 54 59 94 101 Equity in net earnings of affiliates ( 4 ) 7 ( 5 ) 10 Net income 207 187 300 309 Net income attributable to noncontrolling interests 33 30 59 50 Net income attributable to Crown Holdings $ 174 $ 157 $ 241 $ 259 Earnings per common share attributable to Crown Holdings: Basic $ 1.45 $ 1.31 $ 2.02 $ 2.17 Diluted $ 1.45 $ 1.31 $ 2.01 $ 2.16 The accompanying notes are an integral part of these consolidated financial statements. 2 Crown Holdings, Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 207 $ 187 $ 300 $ 309 Other comprehensive income / (loss), net of tax: Foreign currency translation adjustments ( 138 ) 77 ( 130 ) 166 Pension and other postretirement benefits 10 9 20 19 Derivatives qualifying as hedges 14 ( 13 ) 9 ( 8 ) Total other comprehensive income ( 114 ) 73 ( 101 ) 177 Total comprehensive income 93 260 199 486 Net income attributable to noncontrolling interests 33 30 59 50 Translation adjustments attributable to noncontrolling interests — ( 2 ) ( 3 ) ( 1 ) Comprehensive income attributable to Crown Holdings $ 60 $ 232 $ 143 $ 437 The a

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View this 10-Q filing on SEC EDGAR